A model of what the future 270 Park Ave building might look like via CityRealty

Mayor Bill de Blasio and JPMorgan Chase announced on Wednesday plans to build a new 70-story world headquarters at the site of the bank’s current offices at 270 Park Avenue, the first project under the East Midtown Rezoning plan. Approved by the City Council in August, the rezoning affects 78 blocks running from East 39th Street to East 57th Street and from Third Avenue to Madison Avenue. The updated zoning code is expected to clear the way for 6.5 million square feet of modern office space and allow for taller buildings. JPMorgan Chase’s new building will have enough room for about 15,000 employees, compared to the old building’s capacity of just 3,500 employees.

“This is our plan for East Midtown in action,” de Blasio said in a press release. “Good jobs, modern buildings and concrete investments that will make East Midtown stronger for the hundreds of thousands of New Yorkers who work here.”

Talks of a Midtown rezoning started in 2013 with Mayor Michael Bloomberg but took nearly five years to gain support from the City Council. The office buildings in the neighborhood are on average 75 years old; nearly 300 out of the 475 buildings in the district are more than 50 years old.

The rezoning allows landmarks to sell and transfer unused development rights anywhere in the 78-block area, requiring developers to work with the owners of these landmarked buildings. JPMorgan Chase plans on purchasing development rights in order to build the larger tower. Under the rezoning, the seller of the air rights will pay the city a minimum of $61.49 per square foot. Proceeds will be used to finance the city’s commitment to spend $50 million on improving public space and streets in East Midtown.

Once the 2.5 million-square-foot-project is approved, construction is expected to begin in 2019 and take about five years to finish. About 8,000 construction-related jobs will be created during this period, according to the city.